A sum of over 40 million lei was transferred through the MIA Instant Payments system that was launched by the National Bank of Moldova three weeks ago. The system can be activated simply and quickly, in any financial application available in the Republic of Moldova, confirming only the phone number and the basic account through which transfers can be made or received. Those interested can change the basic account at any time, activating the system in the new application, IPN reports.

The NBM noted that the system was launched to streamline and modernize transactions. It enables users of financial applications to transfer money within seconds between all bank and non-bank accounts in the country, by using only the phone number of beneficiaries. The new payment and transfer method already has tens of thousands of users. They have benefited from transfers that can be made non-stop.

The absence of transfer commissions is one of the main advantages of the system. The system doesn’t charge payments until a cumulative amount of 10,000 lei per month is reached. For transfers subsequent to this amount, the charged commission cannot exceed 5 lei per transfer, regardless of the financial institution from which it is made.

Currently, MIA Instant Payments system allows two transfer methods: Instant Transfer (P2P) and Request to Pay (RtP). Next, the system will expand to QR code payments, Link payments in online stores, transfers between legal entities (B2B), payments to the government (P2G), M2M transfers.

“MIA Instant Payments is developed by the NBM to provide citizens with a fast, safe and efficient method of making transactions. The system is available through the mobile applications of all banking and non-banking institutions in the Republic of Moldova,” reads a press release.